Revocable Living Trust Vs Will In Texas

A living trust is generally much more expensive than a will at least in the short term.

Revocable living trust vs will in texas.

The best choice for one person might not. During the process of creating a living trust the grantor will transfer ownership of their property and assets into the trust. With a living trust you re paying everything up front. In the state of texas estate plans include trust based estate plans and will based estate plans.

In most cases the grantor serves as the trustee of his own revocable living trust managing the property placed within it during his lifetime. A revocable living trust doesn t require probate because the trust owns the assets and the trust hasn t died. The texas revocable living trust is more commonly employed than an irrevocable living trust as a tool for managing a person s estate the reason being that a revocable living trust can be altered or revoked by the grantor at any time as their circumstances may change. Texas does not use the uniform probate code which simplifies the probate process so it may be a good idea for you to make a living trust to avoid texas s complex probate process.

With a will you re pushing off all the expensive of probate until after you re gone says gonzales. However each has significant differences. It s a private contract between you as the trustmaker or grantor and the trust entity. A will rather than a living trust is the estate planning vehicle.

A revocable living trust also called an inter vivos trust offers a variety of benefits as an estate planning tool. Both are regulated by state statute. For residents of texas is there an advantage to setting up a living trust versus a will. I was told there is no probate in texas and therefore a living will was not necessary.

In a trust based estate plan the party often through an attorney creates a living trust. Title of all property is then transferred to the living trust. Texas has a simplified probate process for small estates under 75 000.